Egypt, Arab investment funds approve loans to support Sinai development

One-billion-dollar loans have been reached with some Arab investment funds to finance development projects in Sinai, Egyptian Minister of International Cooperation Sahar Nasr, now on a visit to Kuwait, said on Sunday .

During a meeting with representatives of several Arab financial institutions and funds in Kuwait, Nasr said the Arab investment funds have promised to pay one billion dollars in loans to support development of Sinai.

She added that development projects in Sinai require 1.5 billion dollars.

Arab funds have expressed their full readiness to support Egypt in its plans to develop Sinai, Nasr said.

Such projects including establishing roads, schools, hospitals and a university, as well as launching sanitation projects in a bid to provide high-quality services for Sinai Bedouins, she said.